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☆ BlackRock's next high-stakes bet: lending out cash
▼ + stars: | 2023-10-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

Goldstone was referring to a type of business-development company, an investment vehicle widely used in the private-credit market. The vehicle Condor allocated to is a slice of BlackRock's $81 billion private-credit business, which is part of the wider $317 billion alternative-assets platform. 'Size matters'In the summer, BlackRock executives teased out their focus on private credit and fixed income broadly during an investor-day presentation. BlackRock's string of private-credit developments adds up to a long-term bet that this dynamic will continue. "That, in essence, is the paradox of private credit."

Persons: David Goldstone, Goldstone, BDC, it's, hasn't, Rowe Price, Franklin Templeton, Blackstone, Axel Springer, Greg Greifeld, Greifeld, Tim Clarke, Rob Kapito, We've, Jim Keenan, BDCs, Keenan, Clarke, PitchBook, they're, Larry Fink, " Fink, Merrill Lynch, BlackRock, Jared Gross, J.P, Phil Tseng, BlackRock's, Gross, Morgan Organizations: Condor Capital Wealth Management, Condor, BlackRock, BlackRock doesn't, Federal Reserve, Fidelity, Apollo, KKR, Growth, BlackRock TCP Capital Corp, BlackRock Capital Investment Corp, Kreos, Barclays, Tennenbaum Capital Partners, Morgan, who's Locations: New Jersey, BlackRock, PitchBook, Banks, London

☆ T. Rowe beats profit estimates on higher fee-based income
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 27 (Reuters) - T. Rowe Price Group (TROW.O) reported a better-than-expected quarterly profit on Friday, as concerns about the economy somewhat eased from last year, boosting assets under management at the firm. "However, our flows remain pressured, with net outflows from equity outweighing the positive net flows to fixed income, multi-asset and alternatives in this quarter," CEO Rob Sharps said in a statement. Total assets under management at the end of the quarter was $1.35 trillion, up 9.5% over the year earlier. Investment advisory fees were up 1.5% at $1.46 billion in the quarter, T. Rowe said.

Persons: Rowe Price, Toru Hanai, Rob Sharps, Rowe, Sri Hari, Shilpi Majumdar Organizations: REUTERS, Federal Reserve, Sri, Thomson Locations: Tokyo, Japan, Baltimore , Maryland, Bengaluru

☆ The labor market is not going to crack soon, says T. Rowe's Blerina Uruci
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe labor market is not going to crack soon, says T. Rowe's Blerina UruciBlerina Uruci, chief economist at T. Rowe Price, joins 'The Exchange' to discuss the possibility of rate hikes this year, the strength of the labor market, and more.

Persons: Uruci, Rowe Price

☆ Saving for your child's college education? Here’s how to invest for the next 10 years, according to the pros
▼ + stars: | 2023-10-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Parents thinking of saving for their children's college education in around a decade could be in for some sticker shock. Breaking down the costs U.S. college tuition inflation averaged 12% annually from 2010 to 2022, according to T. Rowe Price, citing research by Education Data Initiative . Even assuming a more modest 5% annual inflation rate, the estimated total college cost could be as high as $383,823, she said. That college tuition bill 10 years from now — taking the $165,000 as a baseline and assuming a 3% normalized inflation rate and tuition inflation of 6% — could hit $295,000, according to Ebright. "It is important to maintain some exposure to growth assets as tuition inflation has traditionally been higher than the broader economy," Shen said.

Persons: Laura Suter, AJ Bell, Rowe Price, Wenting Shen, Shen, Alan Ebright, they're, AJ Bell's Suter, Rowe Price's Shen, Berkshire Hathaway, Suter Organizations: CNBC, AJ, Education Data Initiative, College Board, Check Capital Management, University of California, Securities, Berkshire, Fidelity Emerging Markets, Companies, Fidelity Locations: U.S, Asia, Britain, United States, Berkshire

☆ Google must pay female cloud exec $1.15 million in gender discrimination suit, jury says
▼ + stars: | 2023-10-23 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +3 min

Google is ordered to pay the executive $1.15 million in damages. Rowe joined Google as technical director of financial services at Google Cloud in 2017. At Google, Rowe was hired as a "Level 8 director." The hiring manager told Rowe that all technical directors were being hired at Level 8, according to the complaint. A leaked set of Google salary data submitted by over 12,000 employees showed a small median pay gap between male and female employees.

Persons: Ulku Rowe, Rowe, Morgan Chase, it's, Meta, Ellen Thomas Organizations: Google, Microsoft, Twitter, Elon Locations: New York, Texas, ethomas@insider.com

☆ After a robust third quarter, US economic growth will likely slow. That's good for the prospect of rate cuts next year.
▼ + stars: | 2023-10-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The central bank also doesn’t have any incentive to restrict the economy through elevated interest rates if inflation is already under control. The US central bank has raised interest rates 11 times since March 2022 to their highest level in 22 years. The US Commerce Department reports new home sales in September. The US Commerce Department reports third-quarter gross domestic product along with September figures on new durable-goods orders. The US Labor Department reports the number of new applications for jobless benefits in the week ended October 21.

Persons: Jerome Powell, ” Gregory Daco, ” Diane Swonk, Donald Trump, Colin Kaepernick’s, Bud Light’s, Elliott Gotkine, ”, Jeffrey Sonnenfeld, “, Satya Nadella, ” Sundar Pichai, , Sherwin, Williams, Clark, General, Hess, Rowe Price Organizations: CNN Business, Bell, DC CNN, The Commerce Department, Federal Reserve, Treasury, KPMG, BlackRock, America, Nike, Yale School of Management, Microsoft, ” Disney, Sonnenfeld, Tottenham Hotspur, Whirlpool, Verizon, General Electric, Barclays, 3M, General Motors, Spotify, Quest Diagnostics, Mobile, Boeing, General Dynamics, Old Dominion, Hilton, Meta, IBM, US Commerce Department, Mastercard, Merck, Comcast, UPS, Myers Squibb, Northrop Grumman, Valero, The Hershey Company, Amazon, Intel, European Central Bank, US Labor Department, National Association of Realtors, Exxon Mobil, Chevron, Colgate, Palmolive, Phillips, University of Michigan Locations: Washington, EY, Israel, United States, United Kingdom, London, Gaza, Kimberly, Haliburton, Old, Bristol, AbbVie

☆ More people are missing car payments in another ominous sign for the economy
▼ + stars: | 2023-10-21 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

A record number of subprime borrowers are behind on auto loan payments by more than 60 days. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementA record number of subprime borrowers are behind on their auto loan payments by 60 days or more, according to figures from Fitch Ratings reported by Bloomberg. More than a third of Americans are considered subprime borrowers, according to an Experian study, meaning they have lower credit scores and are deemed less likely to meet their repayments on loans. AdvertisementAdvertisementFor subprime borrowers, rates for new cars average 11.5% and 18.5% for used autos, according to Experian.

Persons: —, Margaret Rowe, Zers Organizations: Fitch, Bloomberg, Service, CNN, Fed, Economic, Cox Automotive Locations: Edmunds

☆ Wall Street braces for big tech earnings and key economic data in the week ahead as Treasury yields rise
▼ + stars: | 2023-10-20 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Major earnings reports and economic data will be in focus next week as investors seek clarity on how the Federal Reserve will proceed from here. But next week will bring the lion's share of results including reports from mega-cap darlings Alphabet, Amazon , Meta Platforms and Microsoft . While the S & P 500 is higher by 10% in 2023, the equal-weighted index is down slightly. Of note, Tesla shares sank more than 9% on Thursday following a pessimistic economic outlook from CEO Elon Musk during the company's earnings call. Its the S & P 500's first weekly loss in three weeks.

Persons: bode, Elon Musk, We're, Sam Stovall, it's, Raphael Bostic, Ed Clissold, Ned Davis, Clissold, Katie Stockton, Rob Ginsberg, I'm, CFRA's Stovall, Stovall, Sherwin, Williams, Kimberly, Hess, Raymond James Financial, Keurig Dr Pepper, Northrop, Willis Towers Watson, Stanley Black, Rowe Price Organizations: Federal Reserve, Microsoft, Investors, CFRA, Dow Jones, Treasury, Fed, Atlanta Federal Reserve, Ned, Ned Davis Research, Wolfe Research, Chicago, P, PMI, P Global PMI Manufacturing, P Global PMI Services, Richmond Fed, Visa, Texas Instruments, General Electric, NextEra Energy, Raytheon Technologies, Dow, Inc, General Motors, Halliburton, Coca, Corning, Hilton Worldwide, General Dynamics, Dominion Freight, Mobile US, Boeing, Raymond, Technology, Whirlpool, International Business Machines, O'Reilly, Honeywell, Northrop Grumman, Mastercard, Amazon, Royal Caribbean Group, Tractor Supply, United Parcel Service, Hasbro, Southwest Airlines, Comcast, Hershey, Intel, L3Harris Technologies, Ford Motor, Energy, Chevron, Decker, Exxon Mobil, Colgate, Palmolive Locations: U.S, Atlanta, AbbVie

☆ Should you lock in those high yields right now? Here's what Wall Street is saying, and how to invest
▼ + stars: | 2023-10-20 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

But with 10-year Treasury yields surging to 5% - a 16-year high , many investors might now be tempted to lock in those high yields and buy into bonds. "You may not see such high yields as these in the next year or two," he told CNBC's " Squawk Box Asia " on Thursday. Bond prices and bond yields move in opposite directions. It's unfavorable on U.S. intermediate-term fixed income, as well as high yield taxable fixed income. Types of fixed income that it's overweight on include short-term U.S. Treasurys, U.S. inflation-linked bonds, U.K. gilts and emerging market bonds.

Persons: Wells, Paul Christopher, CNBC's, Christopher, Wells Fargo, Thomas Poullaouec, Rowe Price, Wells Fargo's Scott Wren, Bryn Jones, Rathbones, there's, Jones, He's, BlackRock Organizations: Investment, U.S, gilts, BlackRock Investment, U.S . Federal Reserve, Treasurys Locations: Asia, Pacific

☆ Want to retire in 5 years? Here’s how to invest for it, according to the pros
▼ + stars: | 2023-10-16 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +5 min

So, what are the best investment strategies if you are looking to retire in around five years' time? This calls for a much higher exposure to riskier assets like stocks, says Stevenson. Stock/bond/cash split When deciding how to plan assets across stocks, bonds and cash, the pros say an appropriate balance between short-term stability and long-term growth potential is key. For someone in their 50s looking to retire soon, Ward suggests allocating 65%-85% of their assets to stocks and the remaining 15%-35% in bonds. Bullish on Japan, tech plays Within each asset allocation, the importance of diversification should not be overlooked, according to the pros.

Persons: Tom Stevenson, Stevenson, Thomas Poullaouec, Rowe Price, Laith Khalaf, AJ Bell, Fidelity's Stevenson, Fidelity's Stevenson reckons, Judith Ward, Ward, Poullaouec Organizations: Fidelity International Locations: Bullish, Japan, China, Europe

☆ The 10 cheapest states to retire in
▼ + stars: | 2023-10-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Meanwhile, Washington, DC, Massachusetts, California, and New York are the places where it costs more to retire comfortably. AdvertisementAdvertisementThe south and midwest — which are home to the states with the cheapest cost of a comfortable retirement — have among the lowest regional price parities, which show comparisons of buying power across states and metro areas for a given year. Alternatively, the typical home value in the states where it costs more to retire comfortably ranges from $425,011 in New York to $971,167 in Hawaii. It costs $121,228 to retire comfortably in Hawaii, the only state with a six-figure amount. Hawaii's higher transportation costs, limited housing, and elevated costs of goods that need to be shipped contributed to these high retirement costs.

Persons: —, GOBankingRates, Rowe Price Organizations: Service, of Labor Statistics, Social Locations: Mississippi, Oklahoma, Alabama, Hawaii, Massachusetts, Oklahoma , Alabama , Kansas, Iowa, Washington, DC, California, New York

☆ Check out the pitch deck that helped adtech metadata startup Sincera raise $4.2 million in seed funding
▼ + stars: | 2023-10-13 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +3 min

Adtech startup Sincera, which offers metadata to other adtech firms, raised $4.2 million in funding. The company plans to grow its team and access more compute through its cloud providers. AdvertisementAdvertisementSincera, a startup that uses metadata to help adtech companies improve their offerings, just raised a $4.2 million seed round. Customers to date have included LiveRamp, identity company ID5, and publicly traded adtech company The Trade Desk. Check out the key slides from the pitch deck that helped Sincera raise its $4.2 million seed funding round.

Persons: —, Mike O'Sullivan, Ian Meyers, Meyer, O'Sullivan, Mike Rowe, Jobs, cera, Sincera Organizations: NextView Ventures, Service, Discovery, Trade, LiveRamp Ventures Locations: New York

☆ Forget the U.S: Pros say another top market looks cheap and offers the 'best' opportunities
▼ + stars: | 2023-10-09 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

Attractive returns and the breadth of opportunities are among the many reasons the U.S. has long reigned supreme for investors. In terms of countries, Japan looks to offer the best combination of earnings growth, cheap valuations and policy support," Tom Stevenson, investment director at Fidelity International, told CNBC Pro. "Japanese shares are trading on around 15 times this year's expected earnings and 14 times earnings two years out," he said. "There has been some increase in this multiple during the recent rally in Japanese shares, but they remain relatively cheap compared to the U.S. which trades on around 20 times earnings." Among his choices is the Baillie Gifford Japanese Fund, which he describes as a "growth-focused fund run by an experienced manager."

Persons: Tom Stevenson, Daniel Hurley, Rowe Price, Stevenson, TRP's Hurley, Fidelity's Stevenson, Hurley, Baillie Gifford Organizations: Fidelity International, CNBC, CNBC Pro, Japan, Tokyo Exchange Group, Stock, Japan's, Bank of Japan, Sony, Astella Pharmaceuticals, Fund, Schroder Japan Trust, SoftBank, SBI Holdings, Hitachi, Nippon Gas, Toyota, Japan IMI Locations: Japan, U.S

☆ T. Rowe's Sebastien Page says there's three major macro risks to the economy
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailT. Rowe's Sebastien Page says there's three major macro risks to the economySebastien Page, T. Rowe Price, joins 'Closing Bell' to discuss the economy, jobs report and his bearish outlook.

Persons: Rowe's Sebastien Page, Sebastien Page, Rowe Price

The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."

Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco

☆ France blocks US takeover of Canada-owned French nuclear valve makers
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 6 (Reuters) - France blocked a deal that would have seen the takeover of two Canadian-owned French maker of valves used in nuclear reactors because it did not think commitments made by U.S. bidder Flowserve were sufficient, a finance ministry source said. Flowserve, which makes pumps and valves, said on Thursday it was dropping its $245 million takeover of Montreal-based Velan, whose French subsidiaries Segault and Velan SAS make valves used in nuclear plants, submarines and aircraft carriers. The French government has extensive powers to vet proposed takeovers of French companies that it considers to be strategically sensitive, though outright rejections are rare. Flowserve Chief Executive Scott Rowe said on Thursday that the firm had sought to address all of the French concerns. Some French senators had aired concern about the takeover, in particular that it could mean the U.S. government could order Flowserve to hand over information from its French subsidiaries.

Persons: Bruno Le Maire, Scott Rowe, government's, Rowe, Emmanuel Macron, Leigh Thomas, Alexander Smith Organizations: U.S, Flowserve, Velan SAS, Thomson Locations: France, Montreal

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

☆ Instagrammable laundry rooms are the latest luxury status symbol of rich millennials
▼ + stars: | 2023-10-01 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Instagrammable laundry rooms have become a new luxury status symbol for millennial homeowners. AdvertisementAdvertisementRich millennials are starting to splurge on a space in the home that has previously been neglected and hidden from guests – the laundry room. Homeowners increased spending on laundry rooms by 33% in 2021, according to a 2022 survey by Houzz, an interior design website connecting homeowners with renovation professionals. On social media, upscale laundry rooms are decked out with colorful tiles, marble counters, tongue and groove wall paneling, expensive hardware, an abundance of storage space, and even dog showers in some cases. Others are taking it up a notch with nearly $30 luxury laundry detergents from brands like The Laundress and of course, the firm favorite – the $40 Aesop handwash, perched by the butler sink.

Persons: They're, —, Rich millennials, There's, Sarah Davies, Kate Guinness, there's, they've, Dina Bandman, Nina Magon, Priscila Forster, Forbes, Perrin, Rowe, pricey Organizations: Service, Instagram

☆ Michigan judge to rule whether teen shooter could face life without parole
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

At a hearing at Oakland County Circuit Court, Judge Kwame Rowe will announce his decision on the possibility of parole for Ethan Crumbley, who was 15 years old when he carried out the mass shooting at Oxford High School. Crumbley pleaded guilty last October to 24 charges, including one count of terrorism causing death and four counts of first-degree murder. Defense attorneys presented testimony from doctors who saw the potential to remedy Crumbley's mental health issues over time. His parents, James and Jennifer Crumbley, pleaded not guilty to involuntary manslaughter charges connected to the shooting. In that case, Rochester District Court Judge Julie Nicholson said evidence showed they had bought a gun for their son despite signs that he was a "troubled young man."

Persons: Ethan Crumbley, David Guralnick, Kwame Rowe, Crumbley, James, Jennifer Crumbley, Julie Nicholson, Brendan O'Brien, Alison Williams Organizations: Oxford, Oakland, Circuit, Oxford High School, Supreme, Prosecutors Locations: Oakland County, Pontiac , U.S, Michigan, Detroit, U.S, United States, Rochester, Chicago

☆ Unretirement: The lure to return to work
▼ + stars: | 2023-09-27 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Sept 27 (Reuters) - When Marc Matsil retired to Connecticut's bucolic northwest hills two years ago, fly fishing and hiking filled his days. "Things have opened back up – and some people have realized that not only do they like the financial benefits of working, but the mental stimulation and social benefits as well." If you are nearing retirement, or retired and thinking about working again, here are some important things to consider. FIGURE OUT A SOCIAL SECURITY STRATEGYSome people take Social Security benefits as soon as possible to stay afloat. But if working longer enables you to delay those checks, the financial benefits are significant.

Persons: General Grant, Mike Segar, Marc Matsil, Rowe Price, Judith Ward, Ward, It's, Matsil, Walt Whitman, T.S, Eliot, Octavio Paz, Chris Taylor, Lauren Young, Richard Chang Organizations: General, Memorial, REUTERS, Natural Resources Group, New York City's Department of Parks and, Social, Thomson Locations: Manhattan, New York City, U.S

☆ Gen X isn't financially prepared for retirement
▼ + stars: | 2023-09-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Gen Xers are now in their 40s and 50s and account for about a fifth of the US population. And the median amount that Gen X households have in retirement savings — meaning half have less, half have more — is just $40,000. “Retirement savings for Generation X is highly concentrated among the highest earners,” the report notes. Nevertheless, the average Gen X retirement savings balance (nearly $130,000 for individuals and $243,000 for households) suggests that many higher earners may not be saving enough, if those savings are intended to be one’s main source of income in retirement. Also, changes to an existing Saver’s Credit may help lower income Gen Xers.

Persons: Xers, ”, Tyler Bond, Gen Xers, Stark, Rowe Price, —, “ Organizations: New, New York CNN, Boomers, National Institute on Retirement Security, Social Security, Social, Fidelity, Vanguard Locations: New York

☆ Yen under pressure as U.S. Treasury yields push over-decade peaks
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: +3 min

A bundle of Japanese 10,000 yen banknotes on a tray arranged at a branch of Resona Bank Ltd. in Tokyo, Japan. The yen was held at the mercy of soaring U.S. Treasury yields on Friday ahead of a closely watched rate decision by the Bank of Japan, or BOJ, while the dollar stood near a six-month peak on the prospect of higher-for-longer U.S. rates. The Japanese currency was last marginally lower at 147.6 in early Asia trade, languishing near the previous session's more than 10-month low of 148.465. The yen was also kept under pressure as a result of elevated U.S. Treasury yields, which scaled multi-year highs in the previous session as markets reeled from a hawkish pause by the Federal Reserve on Wednesday. The U.S. dollar likewise rode Treasury yields higher and against a basket of currencies, the greenback touched a more than six-month high of 105.74 in the previous session.

Persons: Daniel Hurley, Rowe Price, Ray Sharma, Ong, Sterling, BoE, Daniela Hathorn Organizations: Resona Bank, Treasury, Bank of Japan, Federal Reserve, U.S, New Zealand, Fed, Bank of England Locations: Tokyo, Japan, Asia

☆ 'Flat is the new up:' As three tech unicorns go public, it's less a call to arms and more a shoulder shrug
▼ + stars: | 2023-09-22 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

But instead of a full-throated battle cry to go public and prosper, Silicon Valley got more of a shoulder shrug. Instacart shares are down more than 23% from their trading debut, hovering just above their IPO price of $30 per share. Earlier today Arm was trading below its $51 per share IPO price, meaning that even the privileged insiders who got access to shares before the general public are under water. Klaviyo is trading slightly above its IPO price of $30 per share but is still down 6% from its opening trade. He says he wouldn't be surprised if IPO markets don't return to normal until 2026 or 2027.

Persons: Klaviyo —, Rowe Price, Howe Ng, Ng, it's, Peter Hebert, Brian Hirsch, wouldn't, David Kaufman, Thompson Coburn, JP Morgan, Nihal Mehta, haven't, Mehta, Instacart, Klaviyo didn't Organizations: Federal, Fidelity, Apple, Pepsico, BlackRock, Lux Capital, Tribeca Venture Partners, JP, Morgan's, Eniac Ventures Locations: Silicon, York

☆ Instacart's IPO flops as the stock slumps. Here are 7 reasons why.
▼ + stars: | 2023-09-20 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

This is one of the concerns that has turned Instacart's IPO into a flop on its second day as a public company. To be successful, an IPO must deliver a big pop to the investors who signed on to buy stock when it debuts. He came out with an analysis of Instacart's business on Tuesday, valuing the company at $29 a share. The reason: The grocery business is low-margin, so there's not a lot of room for Instacart to skim more fees. "In short, the growth in online grocery sales will be higher than total grocery sales growth, but not overwhelmingly so."

Persons: Aswath Damodaran, Fidji Simo, Instacart, Rowe Price, Damodaran, there's, Uber, Instacart doesn't Organizations: Service, Fidelity, DST Global, NYU's Stern School of Business, Instacart Shoppers, Shoppers, Tech Locations: Wall, Silicon, Aswath, COVID

☆ Is the IPO market really opening up? Many companies may be unwilling to accept lower valuations
▼ + stars: | 2023-09-19 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Is the IPO market really opening up? Over the weekend, Goldman Sachs' chief U.S. equity strategist David Kostin said the IPO market was becoming more "normalized," meaning issuance was starting to pick up. That means investors are looking for 1) much lower valuations, and 2) profitability. How excited are they about this "reopening" and much lower valuations? Lower valuations for investors and venture capital The good news is, lower valuations give investors on the first day of trading a greater chance at making money after trading starts.

Persons: Goldman Sachs, David Kostin, Kostin, Goldman's Kostin, Eric Bellomo, PitchBook's, FactSet, Nizar Tarhuni, Instacart, Catalyst, Rowe Price, you'll, Goldman, What's, Nizar Organizations: DST Global Locations: IPOs

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